[195+ Pages Report] According to the report published by Facts & Factors, the global plant-based meat market was valued at approximately USD 3.77 Billion in 2019 and is expected to generate revenue of around USD 9.43 Billion by end of 2026, growing at a CAGR of around 14% between 2020 and 2026.
Plant meat is an alternative to meat derived from plants, other non-animal products, which imitates the flavor of natural meat, texture, and other characteristics. These products are designed primarily as an effective alternative to pork, chicken meat, and beef. In Western countries, retail stores focus on the sale of these products in order to meet the growing vegan and vegetarian demand.
Plant-based meat is an alternative of meat derived from plants, other non-animal products, which imitates the flavor of natural meat, texture, and other characteristics. These products are designed primarily as an effective alternative to pork, chicken meat, and beef. Plant-based meat products, the sustainable solution to growing slaughter concerns. In Western countries, retail stores focus on the sale of these products in order to meet the growing vegan and vegetarian demand. Increasing awareness of animal rights and awareness among consumers through worldwide welfare organizations such as Animal Aid and PETA have encouraged people to adopt vegetarian diets to accelerate market growth.
The market has been categorized into the source, product type, type, end-users, and distribution channel. Based on the type of source, the market is classified into wheat, soy, and pea, among others. The product types are categorized into burger patties, sausages, strips & nuggets, and meatballs, among others. In terms of type, the industry is bifurcated into fish, pork, chicken, and beef among others. The end users of the market are HoReCa and household/retail. The product is available through various distribution channels such as convenience stores, grocery stores, online retail, specialty stores, and restaurants. Geographically, the global plant-based meat market is segmented as North America, Europe, Middle East, Asia-Pacific, Latin America, and Middle East & Africa.
In 2019, the European market holds the largest market share. In Europe, growing vegan trends, particularly in the UK, leads the plant-based meat products. Moreover, the North America region is backed by start-ups such as Beyond Meat, and Impossible Foods Inc. In Asia Pacific, plant-based foodstuffs are gaining popularity as consumers are concerned about healthy lifestyles. In addition, demand for vegetable-based meat products is expected to increase in the coming years due to the rising public health concerns in relation to animal protein sources, ethical concerns, and environmental concerns.
Some main participants of the plant-based meat market are Beyond Meat Inc., Royal Wessanen, Maple Leaf Foods Inc., Tyson Foods Inc., Nestle S.A., Marfrig Global Foods S.A., Pinnacle Foods Inc, MorningStar Farms, Impossible Foods Inc., Orkla Foods, Sunfed Ltd., Quorn Foods, Amy’s Kitchen, and VBites Food Limited among others.
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